Lithuanian Freya Cultivation Systems raises €500K

Lithuanian Freya Cultivation Systems, which is developing controlled environment agriculture with its flagship Aeroframe technology, has raised €500K. The round was led by Lithuanian Coinvest Capital and BSV Ventures. Lithuanian Sofigama, Finnish Zunami Oy and business angels Paulius Vilemas and Marko Lehtovaara also participated in the deal. Coinvest Capital's investment in the company amounted to €250K.

Freya Cultivation Systems was founded in 2018 by Gediminas Kudirka. The company intends to build a demonstration greenhouse near Kaunas, to showcase its three-dimensional greenhouse cultivation system, Aeroframe. It promises to increase yields of strawberries, lettuce, herbs and tomatoes by up to two times, and increase farmers' profits by up to three times.

The startup will use the investment raised to launch new pilot projects aimed at testing the Aeroframe system.

Coinvest Capital is a VC fund fully capitalized with public funds from the Lithuanian state and the EU. It is 100% owned by the National Development Agency INVEGA, which, in turn, is owned by the Ministry of Finance, acting as a shareholder on behalf of the Republic of Lithuania. Coinvest Capital invests in startups and companies undergoing business development and growth in cooperation with groups of business angels or private venture capital funds. Its portfolio includes 37 startups, with a total co-investment of €35.9M. 

BSV Ventures (ex-Baltic Sandbox Ventures) has invested mostly from its pre-seed fund since 2022, where the main investors were ILTE and some private LPs. It has already invested in startups from the Baltic countries, Finland and France. BSV Ventures' seed fund will be mostly funded by private investors and the NATO Innovation Fund.

Sofigama focuses on seed, late seed, and series A rounds of deep tech, biotech, medtech, and edtech startups from the Baltics.